TRUSTMARK CORP
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
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FY2024 · Filed Feb 19, 2025
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Item 6. Selected Financial Data
The following unaudited consolidated financial data is derived from Trustmark’s audited financial statements as of and for the three years ended December 31, 2024 ($ in thousands, except per share data). The data should be read in conjunction with Part II. Item 7. - Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. – Financial Statements and Supplementary Data.
Trustmark completed the sale of Fisher Brown Bottrell Insurance, Inc., (FBBI), a wholly owned subsidiary of TNB, during the second quarter of 2024. As such, financial results presented in the table below for the years ended December 31, 2024, 2023 and 2022, consist of both continuing and discontinued operations. The discontinued operations include the financial results of FBBI prior to the sale as well as the net gain on the sale. For additional information regarding discontinued operations, please see Note 2 – Discontinued Operations set forth in Part II. Item 8. – Financial Statements and Supplementary Data of this report.
| Years Ended December 31, | 2024 | 2023 | 2022 |
|---|---|---|---|
| Consolidated Statements of Income (Loss) | |||
| Total interest income | $960,330 | $878,832 | $541,833 |
| Total interest expense | 375,909 | 325,954 | 47,125 |
| Net interest income | 584,421 | 552,878 | 494,708 |
| Provision for credit losses (PCL), LHFI | 37,287 | 27,362 | 21,677 |
| PCL, LHFI sale of 1-4 family mortgage loans | 8,633 | — | — |
| PCL, off-balance sheet credit exposures | (4,665) | (2,781) | 1,215 |
| Noninterest income (loss) | (23,419) | 148,433 | 151,422 |
| Noninterest expense | 485,690 | 495,696 | 564,133 |
| Income (loss) from continuing operations before income taxes | 34,057 | 181,034 | 59,105 |
| Income taxes from continuing operations | (11,153) | 27,744 | (1,813) |
| Income (loss) from continuing operations | 45,210 | 153,290 | 60,918 |
| Income from discontinued operations before income taxes | 237,152 | 16,302 | 14,642 |
| Income taxes from discontinued operations | 59,353 | 4,103 | 3,673 |
| Income from discontinued operations | 177,799 | 12,199 | 10,969 |
| Net Income | $223,009 | $165,489 | $71,887 |
| Total Revenue (1) | $561,002 | $701,311 | $646,130 |
| Per Share Data (2) | |||
| Basic earnings (loss) per share (EPS) from continuing operations | $0.74 | $2.51 | $0.99 |
| Basic EPS from discontinued operations | $2.91 | $0.20 | $0.18 |
| Basic EPS - total | $3.65 | $2.71 | $1.17 |
| Diluted EPS from continuing operations | $0.74 | $2.50 | $0.99 |
| Diluted EPS from discontinued operations | $2.90 | $0.20 | $0.18 |
| Diluted EPS - total | $3.63 | $2.70 | $1.17 |
| Cash dividends per share | $0.92 | $0.92 | $0.92 |
| Performance Ratios | |||
| Return on average equity | 12.22% | 10.54% | 4.48% |
| Return on average equity from continuing operations | 2.48% | 9.76% | 3.80% |
| Return on average tangible equity | 15.20% | 14.04% | 6.00% |
| Return on average tangible equity from continuing operations | 3.04% | 12.43% | 4.86% |
| Return on average assets | 1.20% | 0.89% | 0.41% |
| Return on average assets from continuing operations | 0.24% | 0.82% | 0.35% |
| Average equity / average assets | 9.84% | 8.41% | 9.18% |
| Net interest margin (fully taxable equivalent) | 3.51% | 3.32% | 3.17% |
| Dividend payout ratio | 25.21% | 33.95% | 78.63% |
| Dividend payout ratio from continuing operations | 124.32% | 36.65% | 92.93% |
| Credit Quality Ratios | |||
| Net charge-offs (recoveries) (excl sale of 1-4 family mortgage loans) / average loans | 0.12% | 0.06% | 0.01% |
| PCL, LHFI (excl PCL, LHFI sale of 1-4 family mortgage loans) / average loans | 0.28% | 0.21% | 0.19% |
| Nonaccrual LHFI / (LHFI + LHFS) | 0.60% | 0.76% | 0.53% |
| Nonperforming assets / (LHFI + LHFS) plus other real estate | 0.65% | 0.81% | 0.55% |
| Allowance for credit losses (ACL), LHFI / LHFI | 1.22% | 1.08% | 0.99% |
(1)
Consistent with Trustmark’s audited financial statements, total revenue is defined as net interest income plus noninterest income (loss).
(2)
Due to rounding, EPS from continuing operations and discontinued operations may not sum to EPS from net income.
| December 31, | 2024 | 2023 | 2022 |
|---|---|---|---|
| Consolidated Balance Sheets | |||
| Total assets | $18,152,422 | $18,722,189 | $18,015,478 |
| Securities | 3,027,919 | 3,189,157 | 3,518,596 |
| Total loans (LHFI + LHFS) | 13,290,249 | 13,135,336 | 12,339,265 |
| Deposits | 15,108,175 | 15,569,763 | 14,437,648 |
| Total shareholders' equity | 1,962,327 | 1,661,847 | 1,492,268 |
| Stock Performance | |||
| Market value - close | $35.37 | $27.88 | $34.91 |
| Book value | 32.17 | 27.21 | 24.47 |
| Tangible book value | 26.68 | 20.87 | 18.11 |
| Capital Ratios | |||
| Total equity / total assets | 10.81% | 8.88% | 8.28% |
| Tangible equity / tangible assets | 9.13% | 7.22% | 6.54% |
| Tangible equity / risk-weighted assets | 10.86% | 8.76% | 7.97% |
| Tier 1 leverage ratio | 9.99% | 8.62% | 8.47% |
| Common equity tier 1 risk-based capital ratio | 11.54% | 10.04% | 9.74% |
| Tier 1 risk-based capital ratio | 11.94% | 10.44% | 10.15% |
| Total risk-based capital ratio | 13.97% | 12.29% | 11.91% |
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